Ebix on buying spree to build financial, insurance exchange stack in India

Ebix continues to keep its eyes open for more companies to buy, to further its hold over the Indian market

Over the past 15 months, Nasdaq-listed Ebix has acquired 12 companies in the Indian financial space, investing a little over $500 million (Rs 36.2 billion), in areas as varied as foreign exchange providers to a prepaid wallet card.

It says it is open to buying more, to add to its financial and insurance exchange stack. Robin Raina, chief executive officer, says the strategy in India is to build an end-to-end financial and insurance services platform.

The groundwork began in 2001, when Ebix entered India and started using it as a hub for its software development. The company had 2,000 employees